Question

I have been approved for a small loan that would pay off 8 of my high interest rate credit cards but only if I agree to close the accounts. I was under the impression that if I close a bunch of cards at one time it will negatively affect my credit score. Does anyone know if this is true and how long it will impact my score?

All Responses

If you close those cards, it will hurt the score. I suggest trying for a balance transfer card that offers 0% interest for at least 12 months. I don't knokw who you were getting a loan from, but I'd be looking elsewhere.

Your Credit Scores Should Be Free. And Now They Are.

Reply to this Question

Write your response:

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.